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Welcome to the inaugural issue of the HA&W State & Local Tax (SALT) Newsletter.
With dozens of different taxes imposed by the 50 states (and thousands of local jurisdictions), we recognize how challenging it is to keep up with current issues and developments. This newsletter is designed to provide insights on developments in state and local taxes including new legislation, regulations, rulings, and cases addressing issues such as corporate and personal income taxes, sales and use taxes, nexus, franchise/net worth taxes, etc.
In this issue of the newsletter you’ll find articles on recent events that may signal the beginning of the end of the physical presence requirement for sales and use tax nexus, a Georgia Tax Tribunal decision regarding the Texas Franchise Tax, and the state tax treatment of Bitcoin and other convertible virtual currency.
If you have any comments, questions or suggestions regarding current or future topics, or if you would like to learn more about HA&W’s SALT Practice, please email us at jeff.glickman@hawcpa.com. Thank you.
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Jeff Glickman, J.D., LL.M.
Partner-in-Charge, State & Local Tax Practice |
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The Physical Presence Requirement for
Sales/Use Tax Nexus: Heading Towards Extinction?
Two notable events occurred in March that provide additional hope to states (and potential headaches for taxpayers) that the physical presence nexus requirement may be nearing an end. Read More
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New York City Business
Tax Refom
On April 13, 2015, Governor Cuomo signed into law significant reforms to New York City's corporate tax structure that are retroactive to tax years beginning on or after Jan. 1, 2015. Read More
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New Jersey Addresses State Income Tax Treatment
of Taxes Paid to Other States
There is considerable variation among the states in the treatment of taxes paid to other states, and two New Jersey Tax Court cases from the second half of 2014 highlight this point. Read More
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Georgia Rules: Texas Franchise Tax
is an Income Tax
The Georgia Tax Tribunal ruled that the Texas Franchise Tax is a tax “on or measured by income” for purposes of the adjustment to federal adjusted gross income permitted to resident owners of pass-through entities. Read More
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Bitcoin Users Beware of State Sales Tax Treatment
The IRS addressed the tax treatment of convertible virtual currency (“CVC”), such as Bitcoin, and concluded that CVCs are considered property for federal tax purposes. This raised an interesting issue since barter transactions involving taxable property/services are subject to sales tax on both ends. Read More
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About HA&W's State & Local Tax Practice
HA&W’s State & Local Tax (SALT) practice advises clients on the state and local tax implications of their business operations, allowing clients to strategically minimize their liabilities and risks. Our team has over 50 years of combined SALT experience in industry, state government, public accounting, and private law practice. We specialize in all areas of SALT, including matters related to corporate and personal income taxes, sales/use tax, nexus, franchise/net worth taxes, credits and incentives, and mergers & acquisitions. In addition, we represent clients in administrative matters before state revenue departments around the country, including audit defense and settlement negotiations, pursuing voluntary disclosure agreements, and obtaining letter rulings.
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